Pharma BD Deal Intelligence

Valeant Pharmaceuticals International, Inc. / Biovail Corporation

2010 · Acquisition/Merger · $3.3B · Complete

WRONG BY 32 POINTS
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Ranks computed across 828 graded deals (Critic + Outcome Score both present).

The coverage arc

Jun 21, 2010 Cravath, Swaine & Moore LLP Neutral

Deal counsel disclosed merger-of-equals structure with Biovail stockholders owning ~50.5% and Valeant stockholders ~49.5% post-close, plus a…

Jun 23, 2010 Seeking Alpha Bullish

Sell-side framing of the merger highlighted Wellbutrin XL cashflow and Valeant's neurology assets, with deal completion viewed as highly likely; one Lazard…

Jun 28, 2010 Chemical & Engineering News (ACS) Neutral

C&EN characterized the $3.3B Biovail-Valeant tie-up as a stock-funded combination creating a specialty pharma with ~$1.75B in combined revenues centered on…

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Valeant and Biovail entered merger-of-equals with Biovail acquiring Valeant. Valeant stockholders received $16.77/share special dividend + 1.7809 Biovail shares. Combined company renamed Valeant Pharmaceuticals International. Closed September 28, 2010.

Did it work? Outcome assessment

Strategic verdict
Partially Achieved
Financial impact
Accretive
Pipeline outcome
Mixed

Key facts

Related deals — scored

DealYearValueOutcome
Valeant Pharmaceuticals International, Inc. / Biovail Corporation (this deal)2010$3.3B18
Valeant Pharmaceuticals International, Inc. / Dow Pharmaceutical Sciences, Inc.2009$285M66
Valeant Pharmaceuticals International, Inc. / iNova Pharmaceuticals2011$700M63
Valeant Pharmaceuticals International, Inc. / Xcel Pharmaceuticals, Inc.2005$280M42
Valeant Pharmaceuticals International, Inc. / Dermik Laboratories (Sanofi dermatology unit)2011$425M36
Valeant Pharmaceuticals International, Inc. / Bausch + Lomb2013$8.7B36
Valeant Pharmaceuticals International, Inc. / Medicis Pharmaceutical Corporation2012$2.6B33

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